Career Options in Mathematics That Pay Well
Because being capable in the field of mathematics is not a skill that everyone can claim, jobs that heavily involve math often pay quite well. Depending on what type of industry, be it business, science, or research, many different high-paying careers involving mathematics are available. Whether you're interested working with mathematical theories, or math to solve real-world problems, there are many options to choose from, and your interests will help you determine what career is the best fit. Below, we will discuss five of these options.
|Job Title||Median Salary (2016)*||Job Growth (2014-2024)*|
|Personal Financial Advisor||$90,530||30%|
Source: *U.S. Bureau of Labor Statistics
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Career Information for Jobs Involving Math That Pay Well
If you are looking for a job involving math, the most obvious choice may be to become a mathematician. Mathematicians primarily work for the federal government, in scientific research, in the finance and insurance industries, and at colleges and universities. While these professionals may not be officially referred to as mathematicians, many of them perform similar duties by applying mathematical theories to complex real-world problems. In the business world, they may interpret and analyze data to help executives make important financial or investment decisions. Mathematicians may often collaborate with other professionals, like chemists or engineers, to be more effective in solving problems. You will usually need at least a master's degree in mathematics to qualify for jobs.
Statisticians work in a wide variety of different fields, from healthcare to engineering. They work with numerical data to answer questions and solve problems. A statistician may be responsible for setting up surveys and questionnaires to collect data from a group with the population. They will then use different statistical and mathematical analyses to interpret this data and report their conclusions to their client or employer. Statisticians should be familiar with math, as they will be confronted with numbers of mathematical analysis problems often. To become a statistician, you will usually need at least a master's degree in statistics or mathematics.
Businesses and organizations employ actuaries to analyze risk and uncertainty. For example, an actuary employed by an insurance company may work to determine the risk of a particular event occurring and what the financial cost that event would be to the insurance company. The company would then use this information to set insurance coverage and premium prices for consumers. Actuaries have to be very knowledgeable in the areas of mathematics, statistics, and finance, as they will use this knowledge extensively in their day to day job duties. Actuaries work in many different industries, like insurance, benefits, and business. To become an actuary, you will need a bachelor's degree in a field like statistics, actuarial science, or mathematics.
Personal Financial Advisor
Personal financial advisors work with individual clients and couples to help them set and meet their financial goals. They carefully analyze a client's finances, which includes any debts they may have, their income, and their investments. After discussing their goals, personal financial advisors will help clients develop a plan in order to meet these goals. This may include helping them set up savings accounts, retirement plans, estate planning, and providing clients with information about their taxes. Advisors also provide guidance on making investments in the stock market. Personal financial advisors must be very proficient in math, as they deal extensively in the world of numbers and finance. While there is not one specific educational pathway to becoming a financial advisor, having a bachelor's degree in finance, mathematics, or economics is a promising entry-level credential.
Whereas personal financial advisors provide guidance to individuals, financial managers perform many of the same duties for companies and organizations. They ensure companies are in good financial health by analyzing financial statements, overseeing tax filings, and meeting legal obligations, as well as offering the company solutions on how to reduce operating costs. Financial managers may also direct an organization's investment activities, meaning they need to be knowledgeable about the financial market. There are many different types of financial managers who may perform more specific roles, like controllers, risk managers, and insurance managers. You will generally need a bachelor's degree in a field like finance or economics, along with around five years of experience in a related field to be considered for a financial manager position.